Thursday, 19 July 2018

Bank Nifty Spot Outlook for 20th Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 26960.20 , it made a high of 27025.45 , then made a low of 26730.10, before closing at 26789.65

Had mentioned that long trade for the day will get triggered on sustaining above 26955 and short trade for the day will get triggered on sustaining below 26805 . Bank Nifty triggered our long trade at opening and did 70 points and then took our trailing stoploss . It then triggered our short trade and did 70 points .

Had mentioned in the previous post that " In the coming week Bank Nifty needs to break and sustain / close above 27065 to test 27205 - 27240 initially and above it we can see a test of 27360 - 27490 . Similarly Nifty needs to break and sustain / close below 26805 to test 26665 - 26630 initially and below it we can see a test of 26510 - 26380. Now in the coming session Bank Nifty needs to break and sustain above 27205 - 27240 to move up further else breaking and sustaining below 26805 we might see a move back till 26665 - 26630 again." , and today we saw Bank Nifty break and close below 26805 and sustaining below it in the coming session we can see a move till 26665 - 26630 .

As mentioned earlier " For the month of July ,Bank Nifty longs will get confirmed with a consecutive close above 26715 for a initial target of 27080 - 27170 and sustaining / closing above it we can see a further test of 27485 - 27835 . Similarly , shorts will get confirmed with a consecutive close below 26015 for a initial target of 25650 - 25555 and sustaining / closing below it we can see a further move till 25240 - 24895 . Now in the coming sessions Bank Nifty has to sustain / close above 27170 for the further upmove till 27485 - 27835 else breaking below 26805 we might see a move back to 26665 - 26630 ." and now sustaining below 26805 in the coming session can see a test of 26665 - 26630

Now in the coming session Bank Nifty needs to break and sustain above 26865 to test 26940 - 26960 initially and sustaining above it we can see a further upmove till 27030 - 27100. Similarly breaking and sustaining below 26715 we can see a test of 26640 - 26620 initially and breaking and sustaining below it we can see a further correction till 26550 - 26480.

Bank Nifty Spot Levels for the day are

Long above 26865 for 26910 - 26960 - 27100 , SL 26765

Short below 26715 for 26670 - 26620 - 26480 , SL 26815

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.